Kirkland & Ellis has earned more than $2.6 million in fees so far this year as restructuring counsel for Barneys New York, according to new filings in the luxury retailer’s Chapter 11 bankruptcy.
Kirkland received an advanced payment retainer of $200,000 on Jan. 3 and has subsequently received additional advanced retainers totaling $2.63 million, according to a Kirkland filing in the U.S. Bankruptcy Court for the Southern District of New York.
Barneys filed for bankruptcy on Aug. 6, announcing plans to shutter 15 of its 22 stores after struggling with rising rents and fewer customers. In its initial filing, Barneys said it secured financing which would allow it to operate until it finds a buyer.
Kirkland has been one of the go-to firms as the retail apocalypse descends upon brick-and-mortar stores.
The U.S. Bankruptcy Court for the Eastern District of Virginia awarded the firm $55.7 million in fees in June for its representation of Toys “R” Us in its Chapter 11 bankruptcy.
The firm is also advising Pier 1 Imports Inc. on its debt restructuring as the home furnishing retail chain struggles with falling sales.
Kirkland restructuring partner Joshua Sussberg is lead bankruptcy counsel to Barneys along with partners Chad Husnick, Edward Sassower and W. Benjamin Winger.
Kirkland’s partners are billing Barneys between $1,025 and $1,795 an hour; $595 to $1,705 for of counsel; $595 to $1,125 for associates; and $235 to $460 for paraprofessionals, according to its application for employment filed with the court.
Katten Muchin Rosenman is also representing Barneys as its conflicts’ counsel. Steven Reisman is serving as lead counsel along with the head of the firm’s national insolvency and restructuring practice John Sieger and partner Theresa Foudy.
Katten’s partners are billing Barneys between $720 and $1,430 an hour; $850 to $1,405 for of counsel; $395 to $930 for associates; and $185 to $545 for paraprofessionals. A declaration filed along with Katten’s application for employment notes that the firm hadn’t received any fees or advanced payment retainers from Barneys.
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